Business
Biodiversity Sri Lanka: A Decade of Business-Led Conservation
Celebrating 10 years of business-driven biodiversity action, with Dilmah among its founding partners
Biodiversity Sri Lanka (BSL) marked its 10th anniversary this year, celebrating a decade of uniting businesses, scientists, and policymakers to safeguard the island’s natural heritage. From its inception, Dilmah Tea played a pivotal role alongside IUCN and the Ceylon Chamber of Commerce in co-initiating BSL, funding its first staff member and helping shape the platform that would connect companies eager to act on biodiversity with the expertise and frameworks needed for measurable impact.
What began in 2012 as the Business and Biodiversity Platform, driven by this founding partnership, evolved into BSL in 2015 – making Sri Lanka the first country after Japan to establish a corporate-led biodiversity initiative. This milestone anniversary was commemorated with Annual Technical Sessions on 24th September and the BSL Annual General Meeting on 26th September, both celebrating BSL’s pioneering role and looking ahead to an even stronger decade of action.
“I look back with a sense of pride and also great appreciation because we trod untrodden ground,” said Shiranee Yasaratne, Senior Technical Advisor to BSL. “At that point I need to recollect the initiation carried out by the likes of Mr. Prema Cooray, the Secretary Generals of the Ceylon Chamber of Commerce, IUCN, and Dilmah Conservation, which funded the first staff member for the platform.”
What started as a lonely journey with five members has today grown into a network of over 100 member organisations spanning the sectors of manufacturing, tourism, IT, finance, and more. Its flagship LIFE Series has built a portfolio of multi-stakeholder projects to restore threatened ecosystems. The first initiative restored 12 hectares in Kanneliya Conservation Forest and has since expanded to 10 hectares of mangrove restoration in Anawilundawa Sanctuary, management of 130 kilometres of coastline to reduce plastic pollution, coral reef rehabilitation, and restoration of Lunugamwehera National Park areas degraded by invasive species.
At this year’s Annual Technical Sessions, keynote addresses highlighted the urgency of business engagement. Renowned biodiversity scientist Rohan Pethiyagoda underlined the importance of corporate action for nature, while Prof. Madhu Verma, Senior Economic Advisor at IORA Ecological Solutions in India, stressed the need to value nature in economic decision-making.
A high-level panel moderated by Malik Fernando, Chairman / CEO of Resplendent Ceylon, explored how businesses are embedding biodiversity into strategy. Panelists included Prof. Sirimal Abeyratne, Emeritus Professor of Economics at the University of Colombo, Architect Murad Ismail, Dr Shamen Vidanage, Country Representative IUCN and Rohitha Bandara, Executive Director – Finance and ESG at Hayleys Fabric PLC, with expert reflections from Aban Marker Kabraji, Senior Regional Advisor on Climate and Environment, UNEP ROAP.
Recognising Dilmah’s commitment to biodiversity Kabraji said, “I was there at the creation of Biodiversity Sri Lanka, I know how much the Dilmah Family led it. All I can say is you showed us the way, and I thank you for it.” It is commendable how Dilmah has taken a corporate leadership role towards a national sustainability objective.
The afternoon shifted to focused breakout sessions where economists, scientists, researchers, and corporate leaders exchanged ideas across six themes: Financing the Plastic Revolution; Science, Policy and Partnerships; Harnessing Nature to Transform Business Strategy; AI & Nature for Enriched Experiences; Cultivating Biodiversity in Agriculture and Plantations; and Aligning Business and Nature. Member-led examples showcased on-the-ground projects, challenges, and lessons.
At the Annual General Meeting, BSL Chairperson and Chairman / CEO of Dilmah Dilhan C. Fernando presided, sharing updates from the past year after which a new Board of Directors was appointed.
“Through our LIFE Series and science-led restoration programs, BSL is pioneering private-public-people collaborations that go beyond tree planting to deliver resilient landscapes, thriving wildlife, and shared prosperity,” said Fernando.
A highlight of the AGM was the unveiling of BSL’s new logo and strategy, structured around five pillars under the acronym L.I.F.E. These focus on restoring landscapes, supporting local communities, promoting responsible resource use, and forging partnerships between business, science, and policy to drive lasting impact.
In today’s global context, sustainability is no longer optional. For Sri Lankan companies, particularly those linked to European and American markets, compliance with environmental standards is becoming mandatory. BSL’s mission goes further – nurturing businesses that embed sustainability into core strategy, while addressing climate change, pollution, and resource depletion.
With a decade of impact behind it, BSL now looks ahead to a future where business takes a leading role in building a nature-positive Sri Lanka.
Business
Cabinet approves restructuring of the Sri Lanka Housing Development Finance Corporation Bank and the State Mortgage and Investment Bank
The Sri Lanka Housing Development Finance Corporation Bank, incorporated under the Sri Lanka Housing Development Finance Corporation Bank Act No. 7 of 1997, is a licensed specialized bank listed on the Stock Exchange.
The prime objective is to provide housing finance and other related services. The State Mortgage and Investment Bank, established under the State Mortgage and Investment Bank Act No. 13 of 1975, is a fully state-owned licensed specialized bank that provides housing-related mortgage credit facilities. Both of these banks are relatively small financial institutions with a small market share.
The Central Bank of Sri Lanka has indicated that the current business models of these banks are unsustainable due to their limited deposit-raising capacity, poor profitability, and inability to meet minimum capital adequacy requirements.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, to take necessary steps to transfer all the shares of the Government of the Sri Lanka Housing Development Finance Corporation Bank to the Bank of Ceylon and to continue operations as a subsidiary bank of the BOC Bank, and to acquire all the shares of the State Mortgage and Investment Bank for the People’s Bank and to continue operations as a subsidiary bank of the People’s Bank, with the objective of ensuring the stability of the entire banking
sector and protecting the requirements of the depositors.
Business
Cabinet approves establishment of Information Technology Services subsidiary for Bank of Ceylon
The Bank of Ceylon has identified the necessity of strengthening its digitalization capabilities in order to respond to changing customer demands and maintain the competitiveness of the banking sector.
Therefore, it has been planned to establish an Information Technology Institute affiliated with the bank that comprises IT
professionals to support the optimization of IT operations of the Bank of Ceylon and provide information and communication technology solutions and services that facilitate digital transformations.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, for the BOC Management and Support Services (Pvt) Ltd, which was established in 1992 to meet the manpower requirements of the Bank of Ceylon and seized operations in 2007, to be reestablished under the name of BOC IT Solutions (Pvt) Ltd, as a fully associated institute of the Bank of Ceylon.
Business
JAAF welcomes 2026 Budget focus on exports, urges clarity on implementation and policy stability
The Joint Apparel Association Forum (JAAF) has welcomed the Government’s 2026 Budget, recognizing its emphasis on export-led growth, investment facilitation, and continued macroeconomic stability. The industry body commended the clear direction towards strengthening Sri Lanka’s external sector and building investor confidence, while also urging consistent implementation of reforms to sustain momentum.
The apparel industry Sri Lanka’s largest industrial export earner viewed the renewed focus on digitalization, and trade facilitation, enhanced capital allowances as positive steps that could enhance competitiveness and attract much-needed foreign investment.
Reform of the Department of Inland Revenue, the introduction of RAMIS 3.0 and the roll out of E invoicing have been among the asks of industry as we move into the post SVAT removal era.
However, JAAF reiterated that policy execution and continuity will be crucial in translating these commitments into tangible outcomes.
JAAF Secretary General Yohan Lawrence said “The 2026 Budget demonstrates encouraging intent to build a stronger export economy, but consistency and clarity in policy implementation are what ultimately drive confidence. The apparel sector continues to operate in a highly competitive global environment where even minor disruptions can affect thousands of jobs and livelihoods. We urge the authorities to maintain open dialogue with the private sector to ensure that reforms are implemented with minimal friction”.
JAAF further noted the importance of aligning policy with sustainability goals and market access requirements under key preferential schemes. Ensuring stable energy costs, facilitating renewable adoption, and enhancing logistics competitiveness were identified as critical enablers for continued export growth.
The association reiterated its readiness to collaborate with the Government to advance a unified national export strategy one that supports industries, SMEs, and the workforce driving Sri Lanka’s recovery.
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